Part 2 of the series - where things unexpectedly started moving very fast.

So the past week was meant to be a break from viewing though I have still been doing my daily search and shortlisting units, mostly from that one development which I have my eyes on, but have not sent out any texts. Mainly because I myself was convinced that this particular unit configuration is not favourable. 

The more I think about it the more the unit from the third viewing seemed like the one. Good vibes from it, which my mum told me is the most important lol. It’s my belief too, from my past room/house hunting experiences. So duly checked on the listing everyday, wondering if it had been taken up. Agent also texted me a couple of days after the viewing asking if I am interested to view another unit, which upon probing I found out it’s the higher floor unit which I had viewed, so I told her there isn’t a need to. 

But meanwhile to convince myself I am ready to take the next step I did more research - and uncovered this concept of valuation. That the bank loans is 75% of the lower of selling price or the value of the house. So the implication is that, if the selling price is lower than the house value it is trouble for the house owner, but if it’s higher than the house value (which is typically the case) you have to top up a bit more because bank only lends you 75% of the value. 

Finally sent off that message to the agent to ask on valuation - after days of drafting it in my head and actually drafting out that measly couple of liners lol. The reply was actually pretty instant - and I think it’s within my range though it’s some way off the one and only source I managed to get without giving up any personal info (and inviting a pack of mortgage agents after me). So left it at that. 

She did try to call me which I decided not to pick (actually it was more of I missed it while deciding if the unknown number is a scam number or something I know) to tell me that the higher floor unit had been sold off. Which was fast - honestly didn’t know these are hot property. More so than Eco which is newer and Tree House which I don’t even see many units in the market? 

But either way, I don’t see any other prospective units that I am even remotely interested in this entire week. The idea of loans being based on the lower of valuation and offer price has sort of discouraged me from looking at something that is closer to my budget limit even if my budget limit is already pretty safe - just in case there are nasty surprises. 

“And I see it. And I like it. And I want it, yes I do.” 

4/6/21 

This woman has no chill - maybe she smelt blood. Informed me over lunch that she had another offer and if I am interested, I should make one too. Spent the entire lunch trip debating in my head on my offer price, whether I should up it slightly in anticipation of the competitors offer which I had no idea of now, but in the end decided to stick to what I originally envisaged. 

In response she asked if she could call. Seeing that I have no meetings and no urgent things to deal with (or maybe I just didn’t want to deal with work) I agreed to take the call, which, if this ends well, I may have this decision to thank. 

Insightful call in a sense that I now know I am in the lead, by some 8k. So she is making me the priority and we spent majority of the call talking about loans, because the lack of AIP is one thing holding me back. Also working out my finances which is nothing new to me, I know full well that I am healthy in that department for this price range. And agreed for her to link me up with bankers after she does her homework for me to compare the latest rates - thought no harm for her to do homework too and see how it compares with mine, which honestly may be limited in a sense since, again, many sites ask for your info before divulging any details. 

The other insightful part is that she agreed to speak to owners and stretch the 12 weeks to 19 weeks completion since I aimed to collect keys by 1 Nov, idea is to minimize the number of months that I had to start paying mortgage and my current rent at the same time. Because based on the timeline I have worked out I really am only targeting to sign an OTP (anywhere) by 1 Aug lol. 

Hung up, I don’t know if she really did homework or she already had answers, but she did come back with a couple of recommendations and linked me up with OCBC and UOB - who, on their part, also acted fast and asked for relevant documents and sent me links for application - something which I have had trouble locating online so that’s good. Duly sent the docs over and by now, too mentally exhausted to go for my usual exercise so a break it is. 

And AIP got approved like instantly? For UOB, and for OCBC the banker texted to tell me I can provisionally get a good amount too. Which is not a surprise to me, or to the agent I guess. Good to know that there are no nasty surprises in this department so that is the peace of mind I am after. 

And nobody came bothering me for the rest of the night and I am quite eager to go into this weekend without thinking of this (much) since we kind of agreed to follow up with OTP on Monday only if all goes well on the AIP front.